Governor Wenzel on an official visit to Portugal
4 June 2014
PARIS - During an official visit to Portugal on 26 and 27 May 2014, the Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, met with senior Portuguese officials. Discussions focused on current and future co-operation between the CEB and Portugal.
At his meeting with Maria Luís Albuquerque, Portugal’s Minister of Finance, Governor Wenzel reaffirmed the CEB’s readiness to broaden the basis for potential CEB lending activity in Portugal. This could take the form of an EU Co-financing Facility or a Public Sector Financing Facility, two new financial instruments developed by the CEB.
The CEB’s activity in the country is likely to focus on priority public and private investments supporting the main objectives of Portugal’s development strategies. The aim is to contribute to the strengthening of Portugal’s long-term competitiveness and social cohesion.
The Portuguese authorities confirmed their intention to establish a Portuguese Development Financial Institution to support the economy. This institution would be a potential CEB co-operation partner, particularly in terms of providing MSME support.
Governor Wenzel also held meetings with Caixa Geral de Depósitos, Instituto da Habitação e da Reabilitação Urbana and Parque Escolar to discuss existing and prospective cooperation envisaged in the areas of job creation, education and social housing.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 Member States. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the Member States. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aaa with Moody's, outlook negative, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its Member States, and to financial institutions and local authorities in its Member States for the financing of projects in the social sector, in accordance with its Articles of Agreement.